Business
Titan Logix Corp. Reports Fiscal 2020 Q3 Financial Results
Edmonton, Alberta--(Newsfile Corp. - July 22, 2020) - Titan Logix Corp., (TSXV: TLA) ("...
About this update from Titan Logix Corp.
[{"type":"text","content":"Titan Logix Corp. Reports Fiscal 2020 Q3 Financial ResultsEdmonton, Alberta--(Newsfile Corp. - July 22, 2020) - Titan Logix Corp., (TSXV: TLA) (\"Titan\" or the \"Company\"), a technology company specializing in advanced technology fluid management solutions, announces its results for the third quarter ended May 31, 2020.Financial Highlights Summary(in Canadian dollars)Three months ended Nine months endedMay 31, 2020May 31, 2019May 31, 2020May 31, 2019Revenue $ 781,778 $ 1,316,403 $ 3,501,207 $ 4,196,792 Gross profit (GP) $ 382,177 $ 741,723 $ 1,815,987 $ 2,274,069 GM %49%56%52%54%Operating (loss) before other items and income tax$ (580,435)$ (158,774)$ (977,963)$ (360,676)Finance income and other items $ 163,580$ 175,085$ 508,048$ 498,118Net earnings (loss) $ (416,855) $ 16,311 $ (469,915) $ 137,442EPS (diluted)$ (0.01)$ 0.00$ (0.02) $ 0.00 Financial PositionAs at May 31, 2020As at August 31 2019Working capital $ 10,851,274 $ 11,008,143Total assets $ 16,892,585 $ 16,928,069Long-term liabilities $ 415,498 $ -Total equity $ 15,873,760 $ 16,333,175  Q3 FISCAL 2020 HIGHLIGHTSRevenues for the third quarter of fiscal 2020 ending May 31, 2020 were $781,778, a $534,625 or a 41% decrease from the $1,316,403 recorded in the comparative period. Revenues in the current fiscal quarter and year-to-date continue to be impacted by the decline in global oil prices, combined with the lack of access to markets in Canada and most recently the impact of the COVID-19 pandemic.The gross profit for the third quarter of fiscal 2020 decreased to $382,177 or 49% of revenue compared to $741,723 or 56% of revenue in the comparative prior period. This decrease is primarily due to the reduction in demand and unit builds resulting in excess capacity costs included in cost of sales.The operating loss before other items was $580,435, as compared to an operating loss of $158,774 in the comparative prior period, primarily due to the decrease in gross profit and increase in engineering expenses (primarily software development) which were offset by a decrease in general and administration (G&A) costs. During the fiscal quarter the Company continued to invest in the development of Internet of Industrial Things (IoIT) solutions and completed development of its first IoIT products, the Titan Data System (TDS) and the Titan API plugin targeting the oil an...